Oil prices rise as shipping collapses in Strait of Hormuz amid US-Iran escalation

Shipping traffic through the Strait of Hormuz collapsed within a week as the United States and Iran stepped up attacks in the vital waterway. The strategic route has again become a battleground, pushing oil prices higher in response to the crisis. The Strait of Hormuz handles a significant share of global oil shipments, making the disruption a major concern for energy markets.